Mayfair Gold Reports 1.10 g/t Gold over 366.7m from Near-Surface, Including 5.66 g/t Au over 16.0m from Fenn-Gib Drill Program

Rhea-AI Summary

Mayfair Gold Corp. (MFGCF) announced its eighth set of drill results for 2022 from the Fenn-Gib Project, revealing significant gold mineralization. Highlights include 1.10 g/t Au over 366.7m in hole FG22-253 and 1.53 g/t Au over 133.7m in hole FG22-267. The ongoing infill and expansion drill program has completed 104,000m of its 110,000m target. A resource update is expected by Q2 2023, along with a pre-feasibility study within the year. The company has upsized its non-brokered private placement to 3 million shares at $1.15, raising $3.45 million.

Positive

• Significant gold intercepts reported, including 1.10 g/t Au over 366.7m and 1.53 g/t Au over 133.7m.
• Completion of 104,000m of the planned 110,000m drill program indicates robust exploration activity.
• Private placement upsized to 3 million shares at $1.15 each, raising $3.45 million.

Negative

• None.

• 1.53 g/t Au over 133.7m, including 3.18 g/t Au over 53.4m

• 104,000m of 110,000m Infill and Expansion Drill Program Completed
• Resource update scheduled for Q2, 2023
• Pre-feasibility Study scheduled for 2023
  

VANCOUVER, British Columbia, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce the eighth set of drill results for 2022 from the Fenn-Gib resource expansion and infill drill program. Mayfair’s 100% controlled Fenn-Gib Project, located in the Timmins region of Northeast Ontario, hosts a NI 43-101 open-pit constrained Indicated Resource of 3.06 million (M) ounces and an Inferred Resource of 0.31M ounces (see the “About Mayfair” section below), with disseminated gold mineralization striking east-west on the Pipestone Fault over more than 1.25 kilometers (km) and up to 300 meters (m) wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “The remarkable intercept of 1.10 g/t gold over 366.7m from near-surface in hole FG22-253 is one of the best results from our drill program and highlights the exceptional quality of the Fenn-Gib deposit. This intercept is further confirmation of the robust nature of the high-grade plunge identified on west side of the deposit. The more moderate grades reported from holes FG22-256, 258 and 260 appear to represent the limits of the mineralization on the north side of the deposit within the conceptual open pit.”

Highlight drill results include:

1. FG22-253 intersected 1.10 grams per tonne (g/t) Gold (Au) over 366.7m from near-surface, including 4.12 g/t Au over 14.0m and 5.66 g/t Au over 16.0m;
2. FG22-267 intersected 1.53 g/t Au over 133.7m, including 3.18 g/t Au over 53.4m;
3. FG22-252 intersected 0.86 g/t Au over 232.8m.

The latest drill results continue to intersect significant gold mineralization building on the previously reported Fenn-Gib results, including: hole FG22-242 intersected 1.40 g/t Au over 65.0m, including 1.79 g/t Au over 44.6m; FG22-250 intersected 0.87 g/t Au over 311.0m, including 1.08 g/t Au over 57.0m, including 1.10 g/t Au over 99.0m and 1.36 g/t Au over 33.6m and hole FG22-254 intersected 1.12 g/t Au over 102.0m, including 2.66 g/t Au over 25.3m (news release October 13, 2022); hole FG21-148 which intersected 101.0m at a grade of 0.88 g/t Au, including 51.7m at a grade of 1.16 g/t Au; hole FG21-149 intersected 101.9m at a grade of 0.75 g/t Au, including 18.0m at a grade of 1.77 g/t Au; hole FG21-150 intersected 65.5m at a grade of 1.18 g/t Au, including 10.0m at a grade of 4.24 g/t Au (news release July 27, 2021); hole FG21-153 intersected 233.0m at a grade of 1.05 g/t Au, including 84.0m at a grade of 1.83 g/t Au, and also including 25.5m at a grade of 4.70 g/t Au (news release August 17, 2021). FG21-206 intersected 0.93 g/t Au over 134.2m, including 1.31 g/t Au over 78.3m, and hole FG21-213 intersected 1.02 g/t Au over 92.7m (news release May 02, 2022). Hole FG21-190 intersected 0.59 g/t Au over 158.0m, including 1.07 g/t Au over 34.0m, hole FG21-217C intersected 0.77 g/t Au over 184.5m, including 0.98 g/t Au over 62.0m, and including 1.31 g/t Au over 18.8m, and hole FG22-223 intersected 1.21 g/t Au over 112.1m, including 3.04 g/t Au over 31.5m (news release June 08, 2022).

The latest reported drill results are summarized in Table 1 below, and Table 2 lists the drill hole details.

Table 1 - Fenn-Gib reported drill hole results summary.

Hole		From	To	Interval	Gold
Name		metres	metres	metres	grams/tonne
FG22-252		422.2	655.0	232.8	0.86
	including	422.2	445.5	23.3	0.98
	and	578.0	584.0	6.0	8.07
FG22-253		11.3	378.0	366.7	1.10
	including	50.0	64.0	14.0	4.12
	and	88.0	98.0	10.0	2.19
	and	326.8	333.0	6.2	6.43
	and	349.0	365.0	16.0	5.66
FG22-256		67.0	84.0	17.0	0.69
FG22-258		31.0	48.0	17.0	0.41
		78.4	88.5	10.1	0.81
FG22-260		26.4	58.0	31.6	0.38
		90.0	112.4	22.4	0.46
FG22-261		13.1	193.0	179.9	0.39
	including	52.0	75.0	23.0	1.00
		411.7	424.3	12.6	0.68
FG22-267		444.3	578.0	133.7	1.53
	including	471.3	524.7	53.4	3.18
	including	491.0	524.0	33.0	4.58

Table 2 - Fenn-Gib reported drill hole collar information.

Hole Name	Collar Easting	Collar Northing	Collar Elevation	Depth	Collar Azimuth	Collar Dip
	mE	mN	masl	m	Deg.	Deg.
FG22-252	558875	5374885	5312	828	356	-66
FG22-253	558450	5375290	5313	804	357	-59
FG22-256	558274	5375422	5313	546	358	-46
FG22-258	558274	5375422	5313	375	358	-64
FG22-260	558274	5375422	5313	414	358	-64
FG22-261	558400	5375340	5313	683	358	-50
FG22-267	558778	5374878	5313	762	356	-61

Plan and section maps of the above reported drill holes are available at https://mayfairgold.ca/fenn-gib/#drillplanmap&sections.

Additional drill results from the infill, expansion and step-out drill program will be announced as soon as they are received.

Mayfair Gold is also pleased to report that the recently announced non-brokered private placement (the “Offering”) of common shares (the “Shares”) has been upsized due to strong demand. Under the Offering, 3,000,000 Shares will be issued at a price of $1.15 per share for aggregate gross proceeds of $3.45 million.

QA/QC Controls

Mayfair Gold (Mayfair) employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by Major/Norex Drilling of Timmins, Ontario and was supervised by the Mayfair exploration team. Mayfair’s drill program includes descriptive logging and sampling of the drill core for analysis at Mayfair’s secure facility located in Matheson, Ontario. Sampled drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Mayfair utilizes accredited laboratories that include, Activation Laboratories Ltd. (Actlabs) and AGAT Laboratories Ltd. (AGAT) both located in Timmins, Ontario, and Swastika Laboratories Ltd located in Swastika, Ontario. Mayfair personnel transport the samples directly and deliver to Actlabs, and samples are collected by both AGAT and Swastika personnel directly from Mayfair’s secure core logging facility in Matheson, Ontario. Gold was analyzed by 30-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every twenty samples. Mayfair completes routine third-party check assays. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.

About Mayfair Gold

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate of a total open-pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au and an Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, dated October 15, 2022). The Fenn-Gib deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fen-Gib deposit can deliver robust gold recoveries of up to 94%.

For further information contact:

Patrick Evans, President and CEO
Email: patrick@mayfairgold.ca
Phone: (480) 747-3032
Web: www.mayfairgold.ca

Qualified Person Statement

Mayfair Gold’s disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Mayfair’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

What are the latest drill results from Mayfair Gold Corp. (MFGCF)?

The latest drill results indicate significant gold intercepts, including 1.10 g/t Au over 366.7m and 1.53 g/t Au over 133.7m.

When will Mayfair Gold release its next resource update?

A resource update is scheduled for Q2 2023.

What is the total planned length of the drill program for Mayfair Gold?

The total planned drill program is 110,000 meters, of which 104,000 meters have been completed.

How much capital did Mayfair Gold raise from its recent private placement?

Mayfair Gold raised $3.45 million from its upsized private placement of 3 million shares.